Nifty Tomorrow: Prediction, outlook and Trend for Next Week (28 Jun-02nd Jul 2021)

 

Medium Term Trend: ☝ UP (Changes to down below 15400)

 Nifty @ 15860 - Market Resumes Uptrend

Last week we saw Nifty dropping to 15500 levels and moving back again towards 15900 levels. Though it was a range bound move, nifty failed to break below 15450 levels and held on it and move back towards 15900 levels which suggests upmove is still intact and Nifty is likely to move towards 16K and beyond.

Last week we had discussed "if we see positive open on Monday and Nifty sustains above todays high then its likely that correction is already over as ABC irregular (secnario-1) and Nifty moving towards higher level and on the other hand if we see a gap-down open & strong fall below 15450, then scenario B is playing out (which is a bearish scenario) and could take Nifty below 15K levels" 

Nifty opened weak on Monday (due to weak global cues) but held 15450 which we had mentioned as the crucial support going forward. Seeing Bears inability to take market below 15450 Bulls once again got active and they not only succeeded in defending 15450 but took markets back towards 15700 on the same day itself and subsequently moved towards 15900.

Last couple of weeks markets were appearing a bit overbought but this consolidation has ensured that this is not the case anymore and markets are not in so much overbought zone now. Trading wise we had clearly mentioned if Markets make a move above 15700 then its strong and hence only long trade should be initiated. Markets are already 150+ points from 15700 and moving forward its highly likely that resistance area of 15900 will give away sooner or later and markets will make a move towards 16k+ levels. Support area is now shifted to 15650-700 levels and till the time it holds the short term trend is likely to remain positive. 15900 has been tested enough times and is not likely to hold for long now.

Happy Trading!

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